New Office Building To Rise On West Bank
GRAND RAPIDS — A new three-story downtown office building will soon be going up on the west bank of the Grand River, staking its claim as the largest new development to be built along the river’s west side.
Developer Front Street Property LLC plans to redevelop contaminated property at
Plante & Moran PLLC will occupy two floors of the $8.5 million building, and Christman Co. will occupy half of the third floor, said Joe Hooker, development services manager for Christman Co. The 3,000 remaining square feet will be available for lease.
The structure will be called the
The city’s Brownfield Redevelopment Authority granted the site brownfield designation, which allows Front Street Property to capture state and local taxes worth $554,550 over an estimated eight years for the improvements it will make.
The initial estimate was a tax capture closer to $829,000.
“As we got further into the pricing of the project, we realized our eligible amount was going to be less,” Hooker explained.
Front Avenue Property also has a request in for a Single Business Tax Credit of $850,000 from the Michigan Economic Development Corp. SBT credits help companies with the expense of demolition, environmental cleanup and other remedial actions needed to facilitate reuse of undesirable properties. Credits are available for up to 10 percent of eligible investments, with a limit of $30 million.
As of Wednesday, Hooker had not heard whether the SBT credit had been awarded, but was expecting to hear very soon. He hopes ground can be broken on the project in a couple of weeks. Christman and Plante & Moran anticipate moving into the building in early November 2008, he said.
The project is expected to create up to 75 new jobs and a total of $10.3 million in private investment, according to the MEDC. The Michigan State Housing Development Authority partnered with MEDC to support the project.